NEW YORK--(BUSINESS WIRE)--iPayment Holdings, Inc. (“Holdings”) and iPayment, Inc. (“iPayment” and, together with Holdings, the “Companies”) announced the addition of four new members – David R. Hughes, Marshall J. Lux, Michael P. Monaco and Brian V. Mooney – to the Companies’ Board of Directors.
Carl Grimstad, Chairman and CEO of the Companies, commented, “We are delighted to welcome these four highly qualified individuals to the Companies’ Board of Directors. These individuals bring a wide range of experience and expertise to the board, having served as executive officers and directors of both public and private enterprises.
“These additions to our board at this time reflect our commitment to address strategic growth opportunities in the electronic payment marketplace. We are a leader in providing payment processing solutions and value-added products to small and medium size businesses. As we pursue our strategic opportunities, while continuing our fundamental commitment to invest in our people and the products that serve our merchant customers and business partners, we are confident of the strong guidance and counsel each of our new directors will provide.”
David R. Hughes has a diverse background in business, gaming, education, healthcare and entertainment. Since January 2014, he has been CFO of Shore Medical Center, which he had previously served as a member of the Board of Trustees and on the Finance Committee. He began his present position after three years as EVP, Treasurer and CFO of Trump Entertainment Resorts, Inc. He was a member of the Board of Directors and Chairman of the Finance Committee for Trump Entertainment, Inc. until November 2014. From 2003 to 2010, he served MTR Gaming Group in a variety of senior positions, including, most recently, Corporate EVP and CFO for more than two years, Corporate EVP of Strategic Operations and COO of MTR’s flagship property. In addition to being a member of the Richard Stockton College Foundation Board and other charity organizations, he is also a member of the Board of Directors and Chairman of the Audit Committee for American Media, a member of the Compliance Committee for Rivers Casino and a member of the Board of Directors and Chairman of the Finance Committee for Shore Quality Partners.
Marshall J. Lux has been a financial services and private equity consultant for 29 years. He was most recently a Senior Partner at The Boston Consulting Group (BCG) since 2010, where he led its North American Private Equity Group. He has deep experience in payments, risk, and financial services and private equity broadly. Marshall is now a Senior Advisor at BCG. He is a Senior Fellow at the Mossavar-Rahmani Center for Business and Government at the Kennedy School at Harvard University, researching and lecturing on financial regulation. He was also an adjunct Professor at NYU’s Stern School of Business. Previous to BCG, he was the Chief Risk Officer for Consumer Products at Chase. From 1986 to 2008 he was at McKinsey and Company, where he was a Director (Senior Partner), with a focus on Financial Services and Private Equity.
Michael P. Monaco has 40 years of experience in finance and management. He currently is a Senior Managing Director at CDG Group, LLC, an independent financial advisory firm, and, since 2002, has specialized in developing and executing business plans, complex restructurings and financings. He also spent 15 years with American Express (1981-1996) in positions of increasing responsibility, and served as EVP and CFO from 1990 to 1996. As CFO, Monaco was instrumental in the IPO of First Data Corporation, then a wholly owned subsidiary of American Express, and was a member of FDC’s Board. Thereafter, he joined Cendant Corporation from 1996 to 2000, serving as Vice Chairman, CFO and a director and also as CEO of the Direct Marketing Division. He began his career at Ernst & Young, where he rose to Senior Auditor. Monaco is of no relation to Mark Monaco, the CFO of the Companies.
Brian V. Mooney brings over 35 years of experience in financial services, higher education and public accounting to the Companies, with deep experience in the payments industry. From 2009 to 2014, Mooney served as an original director and, subsequently, became CEO of Banc of America Merchant Services, LLC, a joint venture between Bank of America and First Data Corporation. From 1998 to 2009, he served First Data in several senior executive management positions of increasing responsibility, including CFO of First Data Merchant Services, President of TeleCheck International, Inc. and President of First Data Merchant Services. Earlier, he was at Ernst & Young for 13 years, most recently as Senior Manager, where he focused on financial services companies.
Forward-Looking Statements
Information in this press release may contain “forward-looking statements” about Holdings and iPayment. These forward-looking statements are subject to risks, uncertainties and assumptions, many of which are beyond our control, and are not guarantees of future results, performance or achievements, and actual results, performance or achievements could differ materially from our current expectations as a result of numerous factors, including but not limited to the following: unanticipated effects from the reported financial misconduct by certain of our former employees; the impact of our prior restatement on the Company’s material agreements; acquisitions; liability for merchant chargebacks; restrictive covenants governing our indebtedness; actions taken by our bank sponsors; migration of merchant portfolios to new bank sponsors; our reliance on card payment processors and on independent sales organizations; changes in interchange fees; risks associated with the unauthorized disclosure of data; imposition of taxes on Internet transactions; actions by our competitors; and risks related to the integration of companies and merchant portfolios that we have acquired or may acquire. These and other risks are more fully disclosed in our filings with the SEC, including, without limitation, our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. We undertake no obligation to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
About iPayment
iPayment provides credit and debit card payment processing services to small merchants across the United States. iPayment’s payment processing services enable merchants to accept credit cards from VISA, MasterCard, American Express, Discover and Diners Club, as well as other forms of payment, including debit cards, checks, gift cards and loyalty programs. iPayment provides payment processing services to approximately 150,000 merchants throughout the United States.
